Annual Report: 2020

The Ship Recycling Transparency Initiative (SRTI) report is published annually and presents data collected through the SRTI online platform. As the second issue published since the SRTI’s launch in 2018, this report aims to provide industry stakeholders with a snapshot on the SRTI’s progress. This report was launched at the Tradewinds Ship Recycling Forum in London on 4 March 2020.

The report presents a compilation of data on the ship recycling approaches of nine major shipowners that combined operate a total of 2,433 vessels. Describing progress since the last SRTI report, it highlights trends in sustainability and updates on ship recycling regulation. The report also shares the perspectives of shipowners, financiers and shippers on how transparency contributes to raising the bar on responsible ship recycling.

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Gard signs up to the Ship Recycling Transparency Initiative

London, 5 March 2020 – Today Gard announces that it has signed up to the Ship Recycling Transparency Initiative (SRTI), a multi-stakeholder initiative using transparency to accelerate a voluntary market-driven approach to responsible ship recycling and ultimately leading to an industry-wide level playing field.

A member of the International Group of P&I Clubs and the largest marine insurer in the world, Gard is the first of the insurance sector to join the SRTI. They join several peers from the wider finance sector leveraging their influence to drive transparency and responsible ship recycling, including banks Nykredit and Standard Chartered Bank as well as pension funds MP Pension and PBU.

Rolf Thore Roppestad, CEO of Gard commented: “We are delighted to become a signatory to the Ship Recycling Transparency Initiative. This is an important part of our policy on sustainability and we hope to use our position in the marine insurance market to encourage discussions on the most sustainable way to end a ship’s life. Ship recycling is both necessary and desirable but there are many considerations to be made to ensure that the dismantling of the ship does not endanger either people or the environment.”

“Ship recycling is a shared imperative requiring collaboration between shipowners and financial stakeholders,” said Andrew Stephens, Executive Director of the Sustainable Shipping Initiative which hosts the SRTI. “Gard joins like-minded sustainability leaders holding the maritime industry to account by demanding transparency, using SRTI data as a basis for its risk management strategies and driving responsible ship recycling practice.”

Gard’s announcement coincides with the global launch of the SRTI’s annual report at the annual Tradewinds Ship Recycling Forum in London. Andrew Stephens will be presenting the findings of the 2020 report to key players across the industry – including shipowners as well as financiers, shippers and shipyards – highlighting progress and the increasing use of SRTI data by stakeholders across the shipping value chain.

-ENDS-

 

The SRTI 2020 report launched on 4 March at Tradewinds Ship Recycling Forum and is available online here.

 

About the Ship Recycling Transparency Initiative (SRTI)

The Ship Recycling Transparency Initiative (SRTI) is an independent initiative hosted by the Sustainable Shipping Initiative. It reflects a collective effort that brings together the shipping industry, investors, cargo owners and broader stakeholders to improve ship recycling policy, practice and performance. The SRTI adopts a voluntary market-driven approach to sustainable ship recycling practices. As an online platform, it promotes exchange of information on ship recycling practices and guidelines, and helps ensure greater transparency in the maritime sector.

www.shiprecyclingtransparency.org

 

Follow us on LinkedIn and Twitter (@SustShipping)

#ShipRecyclingTransparency

#ShipRecycling


The Ship Recycling Transparency Initiative launches the 2020 annual report, covering ~4-5% of global tonnage and 36% of the global container fleet’s tonnage

London, 4 March 2020 – The Ship Recycling Transparency Initiative (SRTI) launches its second annual report today, at Tradewinds Ship Recycling Forum in London. The 2020 report presents a compilation of data on the ship recycling approaches of nine major shipowners that combined operate a total of 2,433 vessels (covering ~4-5% of global merchant fleet over 1,000 gross tonnes). Following the recent increase in shipowner disclosures the SRTI now covers 36 per cent of the global container fleet’s tonnage, representing a total market share of 38 per cent.

Describing progress over the last year, the SRTI report also highlights trends in sustainability and updates on ship recycling regulation, sharing the different perspectives of shipowners, financiers and shippers on how transparency contributes to raising the bar on responsible ship recycling.

“The China Navigation Company (CNCo) is very proud to have supported the Ship Recycling Transparency Initiative from its inception, and greatly heartened by the increasing support that it has received, from right across the whole shipping value chain, including those that ship goods, those that carry the goods and those that finance the ships over its first full year,” said James Woodrow, Managing Director at The China Navigation Company whose approach to ship recycling appears on the SRTI online platform. “We are glad to see all these parts of the global trade sector taking increasing and extended responsibility to safeguard the health, safety and social cover for the workers in a hazardous industry, and to minimise and contain any harm to the environment.

“The importance of using the SRTI platform for transparent disclosure of ship recycling policies, processes and practices, to the various rating agencies has been a particularly positive development over the past year. The SRTI shows there is a will to raise the bar and reduce injuries and deaths, shining a light on what is possible – at minimal extra cost – and on shipping’s role in the circular economy.”

Nick Brown, Marine & Offshore Director of classification society Lloyd’s Register (LR) said: “Although regulatory standards exist, greater transparency is still needed for safer and environmentally sound ship recycling by the maritime industry. The SRTI, which LR is a founding member of, supports this by providing a transparent platform whereby different stakeholders across the supply chain can disclose their best practices, raising the bar for more responsible ship recycling activities in the maritime industry.

“Recent SRTI data suggests that most shipowners in the platform have ship recycling policies in place which are above the beyond regulatory requirements and can be used as a benchmark for others. The SRTI and its signatories make a fundamental contribution to the improvement of recycling practices and complements the top down regulatory approach.”

“Through transparency the SRTI aims to accelerate a voluntary market-driven approach to responsible ship recycling – informing, influencing and improving the supply chain-related decisions made by key stakeholders and ultimately leading to an industry-wide level playing field,” said Andrew Stephens, Executive Director of the Sustainable Shipping Initiative that hosts the SRTI. “We’re seeing a diverse range of maritime stakeholders stepping up their role and calling for transparency throughout a vessel’s entire lifecycle, from shipbuilding to operating to dismantling and recycling.”

-ENDS-

 

The SRTI 2020 report will launch on 4 March at Tradewinds Ship Recycling Forum and is available online at www.shiprecyclingtransparency.org/srti-annual-report.

 

About the Ship Recycling Transparency Initiative (SRTI)

The Ship Recycling Transparency Initiative (SRTI) is an independent initiative hosted by the Sustainable Shipping Initiative. It reflects a collective effort that brings together the shipping industry, investors, cargo owners and broader stakeholders to improve ship recycling policy, practice and performance. The SRTI adopts a voluntary market-driven approach to sustainable ship recycling practices. As an online platform, it promotes exchange of information on ship recycling practices and guidelines, and helps ensure greater transparency in the maritime sector.

www.shiprecyclingtransparency.org

 

Follow us on LinkedIn and Twitter (@SustShipping)

#ShipRecyclingTransparency

#ShipRecycling


Wallenius Wilhelmsen backs ship recycling transparency platform

SRTI founding signatory Wallenius Wilhelmsen wants shipping’s stakeholders, including customers and investors to use SRTI data to make informed decisions.

“The SRTI empowers those who want to invest in or buy services from shipping companies to make informed decisions on vessel recycling”

Craig Jasienski, President & CEO
Wallenius Wilhelmsen

Click here to view the article

Louis Dreyfus Company signs up to the Ship Recycling Transparency Initiative

London, 21 November 2019 – Leading merchant and processor of agricultural goods, Louis Dreyfus Company (LDC), has joined the Ship Recycling Transparency Initiative, a cross-sectoral coalition calling for increased transparency around ship recycling practices.

“By signing up to the SRTI, LDC expresses its expectation for transparency and responsible ship recycling,” said Andrew Stephens, Executive Director of the Sustainable Shipping Initiative that hosts the SRTI. “This is not just a problem for shipowners to solve – it requires collaboration between all key stakeholders, including shipowners, financiers and cargo owners. And leading cargo owners like LDC, whose sustainability approach spans the entire value chain, are connecting the dots through their commitment to sustainable freight, extending their drive for positive change to the way their products – coffee, cotton, soy and many others – are shipped.”

“LDC is pleased to sign up to the SRTI as a cargo owner, bringing our support to transparent and responsible ship recycling as part of our philosophy to build awareness and work collaboratively,” said Sebastien Landerretche, Head of the Freight Platform for LDC. “This fits well with LDC’s overall environmental commitments, and with our ongoing cooperation with shipowners and other SSI members toward a more sustainable shipping industry.”

The SRTI is attracting increasing interest among cargo owners and financial stakeholders, reflected by increasing demand for access to information that can support sustainable investment and procurement decisions. Demanding transparency on shipping companies’ practices ensures those with whom they do businesses recycle their vessels responsibly.

-ENDS-

 

The SRTI 2019 report is available here.

 

About the Ship Recycling Transparency Initiative (SRTI)

The Ship Recycling Transparency Initiative (SRTI) is an independent initiative hosted by the Sustainable Shipping Initiative. It reflects a collective effort that brings together the shipping industry, investors, cargo owners and broader stakeholders to improve ship recycling policy, practice and performance. The SRTI adopts a voluntary market-driven approach to sustainable ship recycling practices. As an online platform, it promotes exchange of information on ship recycling practices and guidelines, and helps ensure greater transparency in the maritime sector.

www.shiprecyclingtransparency.org

 

Follow us on LinkedIn and Twitter (@SustShipping)

#ShipRecyclingTransparency

#ShipRecycling


Annual Report: 2019

The SRTI 2019 Report was launched on 6 March 2019 at Tradewinds Ship Recycling Forum in Hong Kong.

All information is disclosed voluntarily; the data is signed off by senior management prior to submission to the SRTI online platform (www.shiprecyclingtransparency.org). The data is neither audited nor verified by a third party; rather, shipowners are being held accountable through the simple act of being transparent about their approach to ship recycling, in turn leading to improved policy, practice and performance.

SRTI data will be updated by shipowners on a regular basis and expand as more as more shipowners disclose. This report will be published annually and as the dataset expands will progressively identify industry developments and trends, guided by inputs from the SRTI Steering Group and key industry stakeholders.

Click here to download

Bunge Becomes First Agribusiness Company to Join Ship Recycling Transparency Initiative

WHITE PLAINS, NY – June 13, 2019 – Bunge, a leader in agriculture, food and ingredients, became the first in its industry to join the Ship Recycling Transparency Initiative (SRTI), a coalition aimed at increasing transparency to create a new norm for responsible ship recycling. The SRTI uses an online platform to gather information from shipowners on key disclosures related to social and environmental measures, allowing cargo owners and financial stakeholders to make decisions based on companies’ ship recycling reporting and approaches.

“Bunge is focused on building 21st century value chains that are transparent, verified sustainable and create positive impact on the ground,” said Marcio Valentim Moura, Director of Global Logistics for Bunge, and who represents Bunge in the SRTI and its parent organization, the Sustainable Shipping Initiative. “As a cargo owner, and as the first agribusiness company to join the SRTI, Bunge can provide valuable insight to shipping companies about our logistics and sustainability needs and expectations.”

Recognizing the important role Bunge plays in encouraging a broader transition to a more sustainable ship recycling industry, the company intends to work with partners and stakeholders across sectors in the value chain to advance leading standards and develop practical approaches to realize them at scale.

Engagement in the SRTI offers Bunge an opportunity to interact with major players in the global shipping industry to understand their ship recycling practices and better inform the company’s own decision-making.

“As the first agribusiness company to sign up to the SRTI, Bunge demonstrates its leadership and commitment to driving responsible ship recycling, which – in the absence of global regulation – is vital for the transformation to sustainable and responsible ship recycling practises,” says Andrew Stephens, Executive Director of the Sustainable Shipping Initiative who host the SRTI. “The pressure on holding the industry to account for both its practises and performance, as well as its environmental and social impacts, is being driven by like-minded demand side stakeholders such as Bunge.”

“The momentum is building: Stakeholders across and beyond the maritime industry – including key cargo owners such as Bunge – are critical to making shipping more sustainable.”

The goals of the SRTI include:

  • improving transparency in the ship recycling value chain;
  • increasing shipowners’ disclosure of ship recycling policies and practices;
  • helping cargo owners, investors and other stakeholders to make informed decisions when using shipping companies and to support improved performance; and
  • creating a level playing field for shipowners on ship recycling, covering the entire vessel lifespan.

By pursuing these goals, the SRTI and its members will help to tackle challenges in parts of the ship recycling industry, including pollution in the environment and occupational health and safety risks for workers. The SRTI is also focused on addressing access to appropriate health care, wages, working hours, collective bargaining and freedom of association for employees in the industry.

 

About the Ship Recycling Transparency Initiative:

The SRTI is an independent initiative hosted by the Sustainable Shipping Initiative. It reflects a collective effort that brings together the shipping industry, investors, cargo owners and broader stakeholders to improve ship recycling policy, practice and performance. The SRTI adopts a voluntary market-driven approach to sustainable ship recycling practices. As an online platform, it promotes exchange of information on ship recycling practices and guidelines, and helps ensure greater transparency in the maritime sector. The Initiative takes the interests of all its members into account in its efforts to find joint solutions and establish a new standard for responsible ship recycling.

 

About Bunge:

Bunge (www.bunge.com, NYSE: BG) is a world leader in sourcing, processing and supplying oilseed and grain products and ingredients. Founded in 1818, Bunge’s expansive network feeds and fuels a growing world, creating sustainable products and opportunities for more than 70,000 farmers and the consumers they serve in over 60 countries. The company is headquartered in New York and has 31,000 employees worldwide who stand behind more than 360 port terminals, oilseed processing plants, grain silos, and food and ingredient production and packaging facilities around the world.


Renewable Matter - Sustainable Shipbreaking: A pending issue

Renewable Matter (Materia Rinnovabile) is an international bioeconomy and circular economy magazine. In their March-April 2019 issue, Irene Baños Ruiz looks at the potential of a circular approach to ship recycling and the ship lifecycle.

“Ships have the potential to become sources of either toxic waste or precious materials. A circular approach to shipbreaking can therefore help the environment, economy and employment”

Click here to read the article

Hansa: International Maritime Journal - Investors push for responsible scrapping

International maritime journal HANSA spoke to SRTI Steering Group member Roger Charles, Executive Director, Environmental and Social Risk Management at Standard Chartered Bank about the role of investors in pushing for responsible ship recycling practices in their April 2019 edition.

“We believe in working with our clients to help them raise their performance in relation to E&S issues, and demonstrate to use that they are managing these appropriately”

Click here to access the article

China Navigation Company - Sustainable Ship Recycling: Alang, India

The China Navigation Company is a founding SRTI signatory and member of the SRTI Steering Group. Click below to learn about their approach to ship recycling and to taking extended producer responsibility for the disposal of their vessels at end of life.

Click here to download